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2013 (12) TMI 1053 - AT - Income TaxUnexplained cash credits under section 68 – Held that:- The assessee has furnished only details of bank account through which transaction took place only in respect of only four parties out of the 8 parties - In respect of remaining four parties, the assessee failed to submit any details - Following R. B. Mittal v. CIT [2000 (8) TMI 54 - ANDHRA PRADESH High Court] – It is incumbent upon the assessee to prove that the credit entry in its books of account does not represent any income and that the party in whose name the amount is credited is not fictitious party but real, and the assessee is also required to prove that the entry made in the books of account is genuine - The assessee is expected to establish proof of identity of the creditors, capacity of the creditors and genuineness of the transactions in order to discharge the onus cast on the assessee - By merely filing bank account details of the alleged creditors, it is not enough to hold that the assessee has satisfied the above ingredients of section 68 –Decided in favour of Revenue.
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